Bitcoin Consolidates at $9,350; Next Direction Remains Awaited
- Bitcoin corrects slightly after yesterday’s peak around the major resistance at $9,500
- Despite, shows 1.96% gain from the lowest mark in the intraday movement
- BTC price remains under the ‘strong buy’ phase and is accompanied by 5-day MA and EMA
Bitcoin price is currently correcting downwards as it failed to settle at $9,400 and above. Important to note that the coin has even slid as low as $9,276 in the past seven days but has not slid on or below $9,200. According to our Bitcoin price prediction, BTC to USD holds important support near $9,200, and if it hits the same, it may increase the probability of plunging to $9,000 and even lower.
Bitcoin Price Analysis:
Analyzing the 24-hour movement of BTC/USD as per the data feed from Coinbase, we see that the coin started trading at $9,417 yesterday. However, unable to trade around the same price area, Bitcoin fell to $9,169.84, having crashed the $9,200 support to grow again and trade as high as $9,450, today. Currently, it has slid down slightly and is trading at $9,350.
BTC consolidates at 38.20% Fib Retracement with the current trading price and has risen by over 3% in less than 24 hours. The coin has been inclined towards the overbought region or above 50 to a major extent.
Both, the 10-day and 30-day moving average are serving as greatest supports at $9283.54 and $8613.03 if the BTC falls beyond imagination.
The MACD of Bitcoin is above zero but is exhibiting a slightly bearish outlook as the price is in the correction phase.
While, the RSI is placed at 50, showing no extremities at present.
